To succeed as an entrepreneur, it’s important to understand your customers’ preferences and tastes of what, when, where, and how they like to shop or pay for their purchases. This becomes even more important when you have an aspiration to make it big in tier 2 and 3 cities. The online shopping behaviour of customers in these markets is still evolving and at the same time very different from tier 1 and metro cities.
If you learn your customers’ preferences and shopping patterns, know that you have cracked half the market. You can implement this intelligence to tweak your business model and offer customers exactly what they want.
However, the real challenge for you as an entrepreneur is to figure out the tools that can help you get access to customers’ shopping patterns.
How Payments Analytics Can Provide Insights Into Customer Behaviour
Paytm Payment Analytics has made its motto to provide businesses with rich insights that shine a light on customers’ shopping and payment habits.
Payment Analytics leverages customers’ payment details and patterns to learn about their shopping habits. It has been exclusively designed to provide small and medium businesses with ready-made reports about payment sources, payment flows, customer behaviour, user retention, and payment success rates.
This will allow business owners to effectively analyse the transaction patterns and preferences of customers on their website and app.
These are the three types of analysis that Payment Analytics can provide you to learn about customers in tier 2 and 3 cities:
- Customer Analytics
With the help of Payment Analytics, you can create cohorts to learn how many new customers came on your e-commerce site, the number of churns you had to face, and how many repeat customers you are getting.
You can request monthly or yearly comparisons to see changes in new, repeat, and churn of customers. You can cross-check these data points with changes you might have made on the app or website, or maybe partner with a third-party service provider to make customers’ lives easier.
Interesting Read: Access Insights on your Payments Data with Payment Analytics on Paytm Payment Gateway
For example, if you started adding product descriptions in local languages, you can check if it helped reduce the churn rate in the following months. Based on that, you can decide whether you want to implement the same in other cities also where the local language might be different.
You can utilise Payment Analytics to create RFM (Recency, Frequency, and Monetary value) analysis with just a click of a button. You can categorise customers under different sub-heads like ‘loyal customers’, ‘need attention’, ‘potential customers’, etc.
Moreover, you can track new customers and learn about their shopping and payment behaviour.
- Payment Flow Analytics
One of the ways to win customers in lower-tier cities is by offering them the best digital payments experience. They are very sensitive to payment failures and there are high chances they might not come back to your website if it happens.
Only if you have deep insights into your customers’ payment behaviour can you work on improving their digital payments experience.
With Payment Analytics, you can see exactly how customers are paying to purchase your products or services. If they choose to pay digitally, you will have an eye on the payment instrument they are using. You can even get a detailed analysis of the most used payment instruments by customers from a particular city.
Interesting Read: How Bharat and India Shop Online
You can further zoom in on your analysis using Payment Analytics. Maybe customers prefer using UPI over cards when they are purchasing something at night. Maybe they prefer using Paytm Postpaid over other payment instruments when buying something expensive or at the end of the month.
These are rich data points, which you can use to your advantage to nail the tier 2 and 3 markets.
Payment Analytics also reveals customer data and trends to help you analyse the health of your business. Find out the reasons for payment failures and ways to fix them. Insights such as payment success rates, the ability to benchmark these rates against the industry standard, etc. will help you make technical improvements and define a better marketing strategy.
Based on the findings, you can allocate more resources to the most successful channels that bring maximum customers to your online or offline shop.
- App and Website Performance Analytics
Payment Analytics by Paytm for Business can also help you decide where to allocate your resources and where not to.
You might have tailored your app and website both for customers in tier 2 and 3 cities to ensure you can cater to customers of all types. However, it doesn’t make sense to keep allocating funds to both platforms if one is not performing well.
Payment Analytics will tell you if your customers prefer using your app or website more. You can also discern whether your iOS app is more popular or Android.
In addition to customers’ preferences for different platforms, you can find out the payment success rates of each platform and create a comparison chart for every month.
Since customers from tier 2 and 3 cities prefer shopping from mobile apps over websites, you can check whether the payment success rate on mobile apps is better. If that’s not the case, you have critical information to help you improve payment success rates over apps.
Conclusion
Digital payment and online shopping are intertwined in such a way that one can affect the other. Having deep and rich information about how your customers are using digital payments on your e-commerce platform can help you abundantly.
That is why using the Payment Analytics tool by Paytm for Business is one of the best decisions you can make for your business.
You can learn in and out about your customers’ payment behaviour, their shopping patterns, when they like to purchase, etc. Since there are not many customer insights available for tier 2 and 3 markets, such insights are quite important for your business’ success in lower-tier cities.
Frequently Asked Questions
Question 1: What is Payment Flow Analytics by Paytm for Business?
Answer: With Payment Flow Analytics, you can see exactly how customers are paying to purchase your products or services. If they choose to pay digitally, you will have an eye on the payment instrument they are using. You can even get a detailed analysis of the most used payment instruments by customers from a particular city. It allows you to analyse success rates with industry benchmarks, and performance across platforms and devices.
Question 2: Can Paytm Analytics help with customers’ shopping behaviour?
Answer: Yes, Paytm Analytics can help you understand your customers better by helping you with insights about customers’ shopping and payment behaviours. You can track new and repeat customers and learn what they like to purchase, when they are more likely to make the payment. You can even do custom cohort analysis for a detailed understanding of your customers.
